02 Oktober 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) is declining against the US dollar on Wednesday amid growing doubts about further interest rate hikes by the Bank of Japan (BoJ). On Tuesday, the Bank of Japan released a summary of views from its September monetary policy meeting, stating that there are no plans to raise rates further. The central bank intends to maintain an accommodative stance but remains open to adjustments if economic conditions show significant improvement.
On Sunday, Japan's incoming Prime Minister Shigeru Ishiba said the country's monetary policy should remain accommodative, citing the need to keep borrowing costs low to support the fragile economic recovery. This put pressure on the Japanese yen and supported the USD/JPY pair.
The US Dollar is supported by cautious market sentiment amid escalating tensions in the Middle East. However, a weaker than expected ISM manufacturing PMI for September could put downward pressure on the dollar. Traders will now focus on the upcoming US employment change from ADP and the Fed's speech to determine the future direction.
Trading recommendation: Trade predominantly with Buy orders from the current price level.
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